EETC postpones tenders for 8 transformer substations

Egypt, Cairo: The Egyptian Electricity Transmission Company (EETC) has decided to postpone the tenders for eight transformer substations at a cost of $370 million until it obtains the first tranche of a loan from the National Bank of Egypt (NBE) totalling $18 billion.

EETC and NBE agreed on a loan of $18 billion to support the national grid, with the Ministry of Finance and the Central Bank of Egypt (CBE) committing to bear the loan interest, and EETC bearing the repayment of the loan only, reports Daily News Egypt.